FINANCING / National Oilwell Notes
NATIONAL-OILWELL, INC. ANNOUNCES THE SALE OF $150 MILLION OF SENIOR NOTES
HOUSTON, June 29 /CNW/ -- National-Oilwell, Inc. (NYSE: NOI)
announced that it has completed the private placement of $150 million of
senior unsecured notes due July 1, 2005 at a coupon rate of 6-7/8%. The notes
were sold to qualified institutional investors pursuant to Rule 144A.
Net proceeds from the offering will be used to repay borrowings incurred
in connection with the Company's recent acquisition of Phoenix Energy
Products, Inc.
National-Oilwell is a worldwide leader in the design, manufacture and sale
of machinery, equipment and downhole tools used in oil and gas drilling and
production, as well as in the distribution to the oil and gas industry of
maintenance, repair and operating products.
Statements made in this press release that are forward-looking in nature
are intended to be "forward-looking statements" within the meaning of Section
21E of the Securities Exchange Act of 1934 and may involve risks and
uncertainties. These statements may differ materially from actual future
events or results. Readers are referred to documents filed by the Company
with the Securities and Exchange Commission, including the Annual Report on
Form 10-K for the year ended December 31, 1997, which identify significant
risk factors which could cause actual results to differ from those contained
in the forward-looking statements.
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For further information: Steve Krablin of National-Oilwell, Inc.,
713-960-5506
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